A Regulatory Framework for Cryptocurrency

Lee, J; L'heureux, F

doi:10.2139/ssrn.3523862

Cited by 2 publications

(1 citation statement)

References 6 publications

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“…The regulatory ethos of the crypto-market as a decentralised, consensual, and constantly evolving system is seen as a more desirable space for new ways of exchange, communication, and living (a virtual life). It is not hard to understand why critics, including myself, 125 immediately cast doubt on the legitimacy, legality, morality, and governance of this new form of republic with its promises of total democracy, transparency, and freedom. In political terms, the new republic is a response to the frustration of current global governance in the hands of major international powers.…”

Section: Innovationmentioning

confidence: 99%

Law and Regulation for a Crypto-Market: Perpetuation or Innovation?

Lee

2020

SSRN Journal

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Section: Innovationmentioning

confidence: 99%

Law and Regulation for a Crypto-Market: Perpetuation or Innovation?

Lee

2020

SSRN Journal

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Routledge Handbook of Financial Technology and Law

Lee

2021

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This paper looks at the importance of the law in a crypto-market and recognises that the market is a legal construct and so is the crypto-market. Private law matters as it provides legal certainty for market transactions. Regulatory intervention is required for a market as it can enhance legal certainty, mitigate legal and market risks, and address market failure. Currently there are different types of cryptoasset on the market. There are also several possible cryptoassets that are currently been imagined and could in the future enter the market. This phenomenon has created confusion. Cryptoassets keep developing alongside law and regulation. Using the existing private law concepts to engage in legal taxonomy exercises for these cryptoassets can lead to unsatisfactory results. Equally, applying the current regulatory ethos and framework to them has a significant risk of stifling financial innovation in the crypto-market. A new type of social contract is required to define the stakeholders and their relationships with law and regulation. This new social contract should reflect the desire to cross or even transcend national boundaries, the mistrust in the current centralised and intermediated market structure, the needs of the currently excluded, and a reformed power structure of global financial regulation. assets are in law so that stakeholders and participants in this developing system can understand how to use them to catalyse socio-economic transformation, 3 how to monetise them, 4 how to mitigate risks, 5 and how to regulate the way the system is used. 6

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A Regulatory Framework for Cryptocurrency

Cited by 2 publications

References 6 publications

Law and Regulation for a Crypto-Market: Perpetuation or Innovation?

Law and Regulation for a Crypto-Market: Perpetuation or Innovation?

Routledge Handbook of Financial Technology and Law

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